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Until not very long ago, many observers and commentators believed that the role of non-banking financial companies (NBFCs) in India‘s financial system was fast diminishing.
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IDFC and Bandhan Financial Services emerged successful out of 25 contenders for universal bank licences issued by the RBI in April last year. These entities have already started their operations.
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This is the second post-retirement assignment for Reserve Bank Deputy Governor Anand Sinha, who had earlier been hired in an advisory role at law firm Amarchand & Mangaldas.
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"I am glad that the measures taken by the RBI and measures taken by the government are complementing each other and have delivered substantially the goal of stability that we had set for ourselves 18 months ago," he added.
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RBI constituted a high level advisory committee under the chairmanship of for RBI Governor Jalan for screening of 25 applications for new banks in the private sector.
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The RBI had issued guidelines for licensing of new banks in the private sector on February 22 and issued clarifications in the first week of June.
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DBS Bank, fourth largest foreign lender present in India, is evaluating RBI's new guidelines that provide significant benefits to foreign banks adopting Wholly-Owned Subsidiary (WOS) route of running branches here.
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A high-level panel chaired by former RBI Governor Bimal Jalan that will scrutinise applications for new bank licences will hold its first meeting on November 1.
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RBI is in the process of issuing new bank licences consistent with highest standards of transparency and diligence. It has already come out with a discussion paper on banking sector in India, on which the regulator has invited comments from stakeholders.
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The panel will make its recommendations to the Governor and Deputy Governors, who will make the final proposals to the committee of the RBI central board.
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The Reserve Bank is likely to complete initial scrutiny of 26 applications for new bank licences in a month, a senior RBI official said.
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According to Ficci, the central bank should also strengthen the corporate bond market for long term funding to reduce the pressures on banks for long-term lending and to diversify the debt risk beyond banking system
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After the RBI guidelines and clarifications, there will be maximum three-four or five successful candidates
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The Reserve Bank of India said it would publish clarifications related to the recently released final rules on bank licences on its website as it had received several queries from applicants seeking more details.
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The Reserve Bank may not issue more than five new bank licences as the central bank wants to be very selective initially, analysts said.
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The Reserve Bank of India (RBI) released the final guidelines for issuing new bank licences on Friday. The norm stated that now the corporate houses can enter the banking sector.
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The RBI is close to finalising the guidelines for new bank licences, Duvvuri Subarao, the governor of the Reserve Bank of India said on Tuesday.
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CNBC-TV18's Aakansha Sethi, quoting sources, reports that the final guidelines for issuing bank licences are likely to be announced by the end of December. The finance ministry will write to the RBI on Friday to process the guidelines.
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A day after Finance Minister P Chidambaram asked the Reserve Bank to speed up the process of issuing new bank licences, Governor D Subbarao today said it would be not possible without fulfilling the enabling conditions for the same.
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Even as India Inc awaits the final guidelines for new bank licences, the L&T Group, which has been a serious contender for the same, today expressed the feasibility of the strict entry norms that has been put forth in the draft paper by the RBI.
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The long awaited draft rules from the Reserve Bank of India (RBI) to govern the issue of new bank licences is out now. Speaking about the new norms on the pluses and the negatives, Ashvin Parekh of Ernst and Young says the new guidelines are a step forward and the riders in place will bring more stability into the banking sector.
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The RBI governor Subbarao today hinted the new bank licence rules may allow corporates to promote banks.
